Common use of Termination of Cross Collateralization and Cross Defaults Clause in Contracts

Termination of Cross Collateralization and Cross Defaults. If at any time a majority of the aggregate unpaid principal amount of all Loan Certificates of a Series ceases to be held by the same Lender or Lenders as the Lender or Lenders holding a majority (or more) of the aggregate unpaid principal amount of all Equipment Notes, if any, issued and outstanding in respect of any one or more other Aircraft, then unless such change of holding occurred as the result of the lawful exercise of remedies following an Event of Default, such Equipment Notes, and the Mortgage(s) entered into, in respect of such Aircraft shall, without further act of the parties hereto or thereto, no longer be deemed to be “Related Notes” or “Related Mortgage(s)” for purposes of the Security Agreement.

Termination of Cross Collateralization and Cross Defaults. If at any time a majority of the aggregate unpaid principal amount of all Loan Certificates of a Series ceases to be held by the same Lender or Lenders as the Lender or Lenders holding a majority (or more) of the aggregate unpaid principal amount of all Equipment Notes, if any, issued and outstanding in respect of any one or more other Related Aircraft, then unless such change of holding occurred as the result of the lawful exercise of remedies following an Event of Default, such Equipment Notes, Notes and the Mortgage(s) entered into, into in respect of such Related Aircraft shall, without further act of the parties hereto or thereto, no longer be deemed to be “Related Notes” or “Related Mortgage(s)” for purposes of the Security Agreement.